Adoption Benefits

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These executive summaries were compiled from EMPLOYEE BENEFITS INFOSOURCE database, a source for information on employee benefits and human resources.

Summaries of State Family Leave Statutes.
Employment Law Counselor; no215 pp 1-6 Jul 2008; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Of the 20 state and District of Columbia statutes on family and medical leave, some are stricter than the federal law. Employers must be aware of the Family and Medical Leave Act (FMLA) and all state statutes for localities where they operate. Oregon provides for up to 12 weeks in a year, and Alaska provides for up to 18 weeks over two years. Several states provide up to 12 weeks for family and medical purposes, including California, New Jersey and Vermont. Some state statutes focus on pregnancy, childbirth and adoption without addressing more general medical leave, and some permit leave to care for only certain family members.
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Employee Benefits: Employer Adoption Benefits Increasingly Include Financial Assistance and Paid Leave.
Daily Labor Report; no86 p A7 May 5, 2008; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : According to the Dave Thomas Foundation for Adoption's 2008 Best Adoption-Friendly Workplaces List, more U.S. companies are adding or expanding adoption benefits packages. Wendy's International Inc. led the list as it did in the list's first year, offered $23,300 in financial assistance and six weeks of paid leave in 2008, up from $7,000 in assistance and six weeks of leave in 2007. Citizens Financial Group Inc. came in second with $21,650 in financial assistance and one week of paid leave. Other companies on the 2008 list included Timberland Co., JPMorgan Chase and Avon Products Inc.
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Employers Honored for Best Adoption Benefits.
Bridgeford, Lydell C.; Employee Benefit News; v22 no6 pp 1, 62-64, 67, 69 May 2008; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Wendy's has regained its spot at the top of the list of 100 Best Adoption Friendly Workplaces, released by the Dave Thomas Foundation for Adoption. Rounding out the top five are Citizens Financial Group, CMP Technology, Timberland and Barilla America. Company rankings were based on the maximum financial reimbursement and maximum paid leave per adoption. The average financial aid is $5,000 with five weeks of paid leave. Employers offer adoption benefits to be competitive, support families and treat biological and adoptive parents equally, and because they see providing benefits as the right thing to do and employees request benefits. Fewer than one percent of employees use adoption benefits in a year.
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Employers Honored for Adoption Benefits.
Gresham, Lynn; Employee Benefit News; v21 no6 pp 1, 69-72 Jul 2007; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : A 2007 survey of 762 employers was used to compile a list of 100 companies that support adoption by providing financial assistance and paid leave to new adoptive parents. The list is compiled annually by the Dave Thomas Foundation for Adoption and recognizes employers of all sizes, industries and geographic areas who offer outstanding adoption benefits. Citizens Financial Group topped the list by providing reimbursement for over $10,000 in direct expenses and an additional $10,000 over 5 years to cover legal and agency fees. Among survey respondents, 17 percent of medium sized companies and 13 percent of small companies offer adoption benefits.
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For All Families.
Yohe, Grae; Human Resource Executive; v21 no6 pp 26, 28-29, 32 May 2, 2007; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Many companies are realizing the utility of offering adoption benefits to their employees. Adoption benefits can balance the benefits afforded to biological parents such as health coverage and maternity leave. Often adoptive parents go through more stressful situations. By offering adoption benefits an employer can set itself apart from the competition with regard to employee satisfaction and loyalty. Watson Wyatt estimates between 40 and 45 percent of large employers offer adoption benefits and suggests that interest in adoption assistance is growing with the acceptance of nontraditional families.
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Adoption Benefits Mature in the Workplace.
Carlson, Leah; Employee Benefit News; v19 no14 pp 62-63 Nov 2005; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Offering adoption benefits is a way for employers to support working parents and generate good will little expense. About 20 percent of employers offered adoption assistance in 2005, up from 16 percent in 2001, while about 18 percent offered paid time off, up from 14 percent in 2003. Typical benefits include grants ranging from $3,000 to $5,000 per child, and many companies also offer six to eight weeks of paid leave. Adoption assistance is subject to Social Security, Medicare and federal unemployment taxes, but not to federal income tax. Federal tax credits are available as well as tax incentives in some states.
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Adoption's Multiple Benefits.
Ladika, Susan; HR Magazine; v50 no10 pp 60-65 Oct 2005; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : About 130,000 children are adopted annually in the U.S., and the expenses can be substantial. Companies that offer adoption benefits, ranging from 20 to 40 percent according to results of two surveys, enjoy the advantage of employee loyalty and appreciation for a relatively low-cost and little-used but highly-valued benefit. Offering adoption benefits also provides equity with maternity benefits. Typical benefits include paid time off averaging three weeks and reimbursement of qualified expenses, usually in the range of $3,000 to $5,000.
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Benefit Strategies.
LeTourneau, Janet; Broker World; v25 no2 pp 62-65 Feb 2005; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Cafeteria plans or flexible benefits accounts are one method of providing a nontaxable benefit to employees. They may serve as premium only plans, allowing an employee to fund premiums for employer-sponsored insurance with pretax dollars. Premiums for whole life insurance, return of premium products or long term care policies are not eligible. Flexible spending accounts (FSAs) provide for reimbursement for dependent care, for children or adults, but do not include educational costs. Adoption assistance benefits cover expenses associated with legal adoption up to $10,630 in 2005. Unlike most cafeteria plan benefits, contributions from both the employee and employer to an adoption fund are subject to FICA taxes.
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Tax Benefits Available to Adoptive Parents.
Larkin, Jed D.; Employee Benefit Plan Review; v58 no11 pp 12-14 May 2004; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : To offset the expenses associated with adoption, prospective adoptive parents are entitled to federal income tax credits. Some employers offer an additional adoption assistance plan that excludes some income from taxable status. The tax credit helps manage out-of-pocket expenses by allowing up to $10,390 credit for qualified expenses including adoption fees, court costs, attorney fees and travel expenses. The credit is reduced for those with a 2004 adjusted gross income over $155,860 and phases down to zero credit for income of $195,860 or more. Timing of expenses incurred and claiming the tax credit vary for domestic adoptions and international adoptions.
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Successful Adoption Programs Cost Little but Enhance Loyalty a Lot.
Kranz, Garry; Workforce Management; v83 no4 pp 60-61 Apr 2004; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : The number of employers offering adoption benefits increased in 2003, according to a survey by Hewitt Associates. Of 975 employers surveyed, 36 percent offered an average reimbursement of $3,700 to help employees who adopted children. The reimbursement covered the high costs of travel, legal expenses, adoption agency fees and interpreters. Adoption benefits can be a part of an employer's work/life program and cost very little. The reward for employers is high employee retention.
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Taxation of Compensation and Benefits.
Cartano, David J.; 871 pp 2004 2004 ed.; book

Availability :
Abstract : Explains the tax treatment compensation and benefits issues including deferred compensation, fringe benefits, ERISA/qualified employer plans, entertainment expenses, accident and health plans, stock options plans, IRAs, bonuses, annuities and more. Includes tax planning strategies for compensation and benefits plans. Tables of pertinent Internal Revenue Code Sections, Treasury Regulations, Internal Revenue Service releases, and court cases are provided.
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Benefit Strategies for Employers.
LeTourneau, Janet; Broker World; v23 no7 pp 130, 132-134 Jul 2003; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : Cafeteria plans are defined as a Section 125 plan by the Internal Revenue Services, as long as they provide at least one taxable and one nontaxable benefit. However, employee compensation is usually considered to qualify as the taxable benefit. A multitude of benefits can be offered as cafeteria plans. These include premium only plans, flexible spending accounts (FSAs), health FSAs, dependent day care benefits and adoption assistance benefits.
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U.K. Flex Time Law Creates Exposures.
Veysey, Sarah; Business Insurance; v37 no5 pp 25, 27 Feb 3, 2003; journal article

Availability : International Foundation of Employee Benefit Plans
Abstract : The United Kingdom's Employment Act 2002, which takes effect on April 6, 2003, allows employees with children under age six or disabled children under age 18 to submit a request for flexible work hours to their employers. The law covers birth children, adopted children, and children of a partner, including gay and lesbian couples. Employers are not required to approve the request for flex time; however, the employer must prove that accommodating the request would meet one of the stated provisions outlined in the law. Employers could face stiff penalties and fines if they refuse the employee's request and cannot prove that one or more of the exception provisions was met. Employees are permitted only one request per year, and employers must respond to the request within 14 days.
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Taxation of Compensation and Benefits.
Cartano, David J.; 871 pp 2003 2003 ed.; book

Availability : International Foundation of Employee Benefit Plans
Abstract : Explains the tax treatment compensation and benefits issues including deferred compensation, fringe benefits, ERISA/qualified employer plans, entertainment expenses, accident and health plans, stock options plans, IRAs, bonuses, annuities and more. Includes tax planning strategies for compensation and benefits plans. Tables of pertinent Internal Revenue Code Sections, Treasury Regulations, Internal Revenue Service releases, and court cases are provided.
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